Las Vegas real estate, mortgage, appraisal blog

CNBC reported that Andrew Cuomo, New York's Attorney General, is close to a deal with Fannie Mae and Freddie Mac that would help finish part of his inquiry into the billions lost in home loans. Part of that deal would include lenders no longer being able to use in-house appraisers or appraisers owned by the lender.

U.S. mortgage firms Fannie Mae and Freddie Mac would require their mortgage lending partners to have independent appraisals of home values under a deal being thrashed out with New York's attorney general, sources familiar with a draft deal said on late Monday.

"All lenders will be required to provide post-purchase copies of appraisal documents to the Clearinghouse," according to a Fannie outline of the plan. "It will be an independent entity with an executive and board of directors (and) It will staff a hotline for industry and consumer complaints."

Cuomo's spokesman Jeffrey Lerner said that the attorney general's office has had discussions with Fannie Mae and Freddie Mac for several months. "At the end of the process, we will either have agreements or we will take other appropriate action," he said in a statement.

These new standards could be in place by September.